Germany-based paper company Feldmuehle Uetersen has been sold to a subsidiary of Beteiligungsgesellschaft Kairos Industries.
Employing approximately 420 employees, Feldmuehle produces around 250,000 tons of paper a year at its paper mill just west of Hamburg. Its products are primarily used for the production of classic print products and in the packaging industry.
The firm, which field for insolvency in January 2018, will now be transferred to the subsidiary of the Beteiligungsgesellschaft Kairos Industries, effective from 15 June 2018.
Upon filing for insolvency at the Pinneberg district court by Feldmuehle, the court appointed the Hamburg attorney-at-law and restructuring expert Dr Tjark Thies of Reimer Rechtsanwälte as the preliminary insolvency administrator.
Feldmuehle said in a statement: “The insolvency administrator and restructuring expert Dr. Tjark Thies from the Hamburg law firm Reimer Rechtsanwälte had concluded an acquisition agreement with Kairos in May 2018.”
Kairos Industries a specialist in takeover and operational support of German medium-sized companies in special situations.
The acquisition is a part of Kairos’s long-term entrepreneurial commitment and its strategic realignment which began at the end of 2017.
The agreement was subject to several challenging conditions. Financial terms of the deal were undisclosed.
Feldmuehle Ueter is engaged in developing manufacturing white coated label papers, packaging papers and graphic papers for the German and international market.
It offers a broad product portfolio for the label and packaging industry, printing and publishing houses, brand owners, agencies and converters.
Earlier this year, Feldmuehle has introduced a new high-gloss paper, EmbaSet, which can be used for standard labels.
Available in basis weights of 80g/m² and 90g/m², the EmbaSet label paper can be used for offset, flexographic and rotogravure printing applications.
EmbaSet will be suited for standard labels used for non-returnable containers in the food and non-food industry.